Data released by Japan's Ministry of Finance on Friday (June 26) showed that the country's crude oil imports dropped 57.3% year-on-year to 959,001 barrels per day in May, while liquefied natural gas (LNG) imports totaled 3,959,876 tonnes, a decline of 15.1% year-on-year.

As a major global importer and consumer of crude oil, Japan's sharp 57.3% year-on-year drop in May imports reflects weak regional demand, exerting generally bearish pressure on both spot and futures crude oil prices.

The 15.1% year-on-year decline in Japan's May LNG imports indicates a weakening in demand, exerting slight bearish pressure on LNG spot prices.

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